If you’re an older adult, you may be able to get a reverse mortgage on a condo. A reverse mortgage lets homeowners age 62 or older access their home equity while remaining in the house—and retaining the title. There are strict borrower requirements for obtaining a home equity co🥀nversion mortgages (HECMs) and rules defining which properties are eligible. In general, you can get💙 a reverse mortgage on an FHA-approved condo, but it must be your primary residence.

HECM Borrower Requirements

Nearly all reverse mortgages are 澳💃ꦫ洲幸运5开奖号码历史查询:home equity conversion mortgages (HECMs), insured by the 澳洲幸运5开奖号码历史查询:Federa♋l Housing Administration (FHA) and sold by FHA-approved lenders.

To qualify for an HECM, the most common 澳洲幸运5开奖号码历史查询:reverse mortgage, you must: 

• Be at least 62 years old 
• Own your property outright or have at least 50% equity in it
• Live in the home as your 澳洲幸运5开奖号码历史查询:principal residence
• Not be delinquent on any federal debt (e.g., taxes and student loans)
• Have the financial resources to pay 澳洲幸运5开奖号码历史查询:property taxes, 澳洲幸运5开奖号码历史查询:homeowners insurance, 澳洲幸运5开奖号码历史查询:homeowners association (HOA) fees, and the like
• Participate in a consumer information session given b꧒y a United States Department of Housing and Urban Development (HUD)-approved HECM counselor.

Additionally, your lender will verify your income, assets, monthly living expenses, and 澳洲幸运5开奖号码历史查询:credit history. They’ll also ensure you have a history of paying your real estate taxes and hazard/flood insurance premiums on time.

HECM Property Requirements

Properties must meet 澳洲幸运5开奖号码历史查询:minimum FHA property requirements to be eligible for a reverse mortgage. While there’s a long list of specific standards, the guidelines foc♈us on three areas: 

• Safety: The property should protect the health and safety of the occupants.
• Security: The home should be a secure investment, meaning it will retain its value throughout the loan.
• Soundness: The home must be sound, without physical deficiencies or conditions affecting its structural integrity.

Provided that th🌼ey meet the minimum property💞 standards, the following types of properties are eligible for HECMs:

• Single-family homes
• Two- to four-unit properties (i.e., a duplex, triplex, or quadruplex), as long as one of the units is your primary residence
• Townhouses
• Properties in planned unit developments (PUDs)
• Manufactured homes (built after June 15, 1976)
• 澳洲幸运5开奖号码历史查询:Condominiums

While some condominiums won’t qualify for a reverse mortgage, most do. You can search for FHA-approved condominium projects by location, name, or status on the .

Ineligible Reverse Mortgage Properties

While a variety of homes are eligible for a reverse mortgageಌ, certain types of properties are ineligible, including:

• Boarding houses
• Bed and breakfasts 
• Manufactured homes built before June 15, 1976
• Manufactured homes lacking HUD certification labels or a permanent foundation

The Bottom Line

Condominiums can be an 澳洲幸运5开奖号码历史查询:attractive housing option for older adults wanting to spend less time on home maintenance while enjoying community amenities and, sometimes, single-story living. A reverse mortgage can help you 澳洲幸运5开奖号码历史查询:fund your retirement—even if you have a condo—but keep in mind that these loans 澳洲幸运5开奖号码历史查询:involve considerable costs, including 澳洲幸运5开奖号码历史查询:mortgage insurance premiums and 澳洲幸运5开奖号码历史查询:loan servicing fees.  

If you decide that a reverse mortgage is right for you, shop around and compare the costs of the loans available to you. While lenders generally charge the same mortgage insurance premiums, the other loan costs—including 澳洲幸运5开奖号码历史查询:origination fees, 澳洲幸运5开奖号码历史查询:closing costs, servicing fees, and 澳洲幸运5开奖号码历史查询:interest rates—vary by lender.